Hyderabad: The stocks of Hyderabad-based company Azad Engineering surged by over 40 percent in just three days following the pact with Rolls Royce.
On Monday, the British multinational aerospace and defence company announced the signing of a long-term agreement with Azad Engineering to manufacture and supply complex components for defence aircraft engines.
Through this strategic partnership, Hyderabad-based Azad Engineering will join the global supply chain for complex category components for Rolls-Royce’s technologically advanced aero engines.
Hyderabad company stocks surge
Following the signing of the agreement, the stocks of Hyderabad company Azad Engineering surged from Rs 684.45 on January 29 to Rs 961.25 yesterday.
It jumped more than 40 percent in just three days.
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Rolls Royce, Azad Engineering
Rolls Royce Holdings is a British multinational aerospace and defence company incorporated in February 2011.
After General Electric, Rolls Royce is the second-largest aircraft engine maker in the world.
On the other hand, the businesses of Azad Engineering, based in Jeedimetla, Hyderabad, include aerospace, defense, energy, and oil & gas.